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OIL
The crude prompt 1-2 time spread is following the front month futures higher again today to the highest since 15 August amid expectation that Saudi Arabia are likely to extend production cuts into October as the market awaits US payrolls data tomorrow for further signs of future US Fed policy.
- The Dec23-Dec24 spread is approaching the highest since April seen earlier this month when the Brent spread reached just over 5.5$/bbl and the WTI spread reached over 6.1$/bbl.
- Strong curve backwardation this week reflects the supply deficit largely expected in the second half of his year supported by falling inventories after EIA data yesterday showed another drop in total US crude oil and Cushing inventories.
- Brent NOV 23 up 0.8% at 85.88$/bbl
- WTI OCT 23 up 0.8% at 82.31$/bbl
- WTI-Brent down -0.05$/bbl at -4.29$/bbl
- Brent NOV 23-DEC 23 up 0.05$/bbl at 0.54$/bbl
- Brent DEC 23-DEC 24 up 0.19$/bbl at 5.17$/bbl
- WTI OCT 23-NOV 23 up 0.02$/bbl at 0.53$/bbl
- WTI DEC 23-DEC 24 up 0.22$/bbl at 5.57$/bbl
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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